MUMBAI: Shares of Coal India rallied as much as 5.1 per cent a day after the coal giant announced a Rs 18,317-crore dividend for 2013-14.

The company’s announcement of a Rs 29 per share dividend is being seen as a positive move by the brokerages; but then they are cutting the traget price on the stock.

The dividend “partially addresses investor concerns on potential mis-utilisation of surplus cash, besides moving in the direction of rightsizing the balance sheet,” a report b ..